WASHINGTON (Pakistan Point News / Sputnik - 12th October, 2022) The Canadian government and the mining cooperation Rio Tinto Fer et Titane (RTFT) will jointly invest up to $534 million in decarbonizing operations at the Sorel-Tracy facility in southwestern Quebec, Chief Executive Officer Jakob Stausholm said.
"Today we announce, that together with the government of Canada, we will invest up to 737 million Canadian Dollars over the next eight years, to decarbonize our RTFT operations in Sorel-Tracy and to position the business as a center of excellent for critical mineral processing," Stausholm said during a press conference on Tuesday.
Prime Minister Justin Trudeau and Innovation, Science and Industry Minister Francois-Philippe Champagne accompanied Stausholm during the press conference.
The Prime Minister Office issued a statement that the government will fund the RTFT decarbonization efforts with up to $161 million the country's Strategic Innovation Fund. Rio Tinto is expected to reduce emissions by half by 2030, the statement said.
In addition to the mining company's objectives to decarbonize its operations at their Sorel-Tracy facility, the investment will ensure an important growth in its production of critical minerals such as lithium, titanium and scandium, the statement added.
